混合所有制改革对研发投入强度的影响：政府透明度的调节作用

混合所有制改革企业在股权多元化带来资源优势的同时也会诱发异质性资本冲突，以2014-2019年混合所有制改革试点企业为样本，基于研发投入视角构建有调节的中介模型。结果发现：①国企混改带来的股权多元化有利于提高企业研发投入强度；②股权多元化有利于延长企业债务期限，进而强化债务融资对企业研发投入的支持作用；③政府透明度有利于强化股权多元化对债务期限结构的正向影响，从而有利于增加企业研发投入。股权多元化的资源效应有助于改善企业融资期限与研发投入期限匹配度，且政府透明度越高，投融资期限匹配效果越好。该结论表明，混合所有制改革与政府透明度在影响企业研发投入方面存在互补效应，通过股权多元化进行混合所有制改革对企业创新有促进作用。因此，就因地施策而言，当前应重点推进政府透明度较低地区国企混改。

The Impact of Mixed-Ownership Reform on R&D Investment: A Mediation Model Moderated By Government Transparency

Mixed-ownership reform enterprises will not only bring resource advantages through equity diversification, This paper takes the state-owned mixed ownership reform pilot enterprises listed in the A-share market from 2014 to 2018 as the sample, and establishes a moderating mediate model based on R&D investment. The results show that:①The equity diversification brought about by the mixed reform is conducive to improving R&D investment;②Equity diversification is conducive to prolonging the debt maturity of enterprises and it promotes enterprise R&D investment; ③Government transparency strengthen the positive impact of equity diversification on debt maturity and it is conducive to increase R&D investment. The resource effect of equity diversification improves the matching degree of financing and R&D investment, and the more transparent the government is, the more obvious the term matching is. This paper reveals that there is a complementary effect between mixed ownership reform and government transparency in influencing R&D investment. The mixed ownership reform through equity diversification can promote enterprise innovation, but we should pay more attention to the mixed reform of state-owned enterprises in areas with low government transparency.